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Sino-Global moves into tanker ownership

Sino-Global moves into tanker ownership

Hong Kong: Nasdaq listed Sino-Global Shipping America has moved into tanker ownership through an acquisition of a second-hand tanker. The company announced that it has signed an MOU with Rong Yao International Shipping to acquire a 13,900dwt tanker, Rong Zhou, for RMB65m.

Financial support fixed for white list yards

Financial support fixed for white list yardsBeijing: The financial supporting guidance related to the shipbuilding companies on Beijing’s approved white list will be released by the State Council soon. The financial guidance has been drafted by the People’s Bank of Chi...

Bohai Leasing completes Cronos takeover

Bohai Leasing completes Cronos takeoverShanghai: Bohai Leasing has announced that it has completed the acquisition of an 80% share in Cronos Limited, a major global container leasing company, through its subsidiary Global Sea Containers. The acquisition is supported b...

Nanjing Tanker signs oil shipping agreement with CNOOC

Nanjing Tanker signs oil shipping agreement with CNOOCShanghai: Nanjing Tanker, the oil shipping arm of Sinotrans & CSC, has signed a strategic agreement with CNOOC Taizhou Petrochemcial after being selected as the shipping partner for CNOOC’s Taizhou petrochemical project. CNOOC ...

China Exim Bank funds six newbuildings of BSC

China Exim Bank funds six newbuildings of BSCBeijing: China Exim Bank is to provide financial support to Bangladesh Shipping Corporation (BSC) for the purchase of six new ships, made up of three bulk carriers and three oil tankers. with a $184m loan. State-owned BSC current...

Qingdao Zhenghe turns to banks over outstanding salaries

Qingdao Zhenghe turns to banks over outstanding salariesDalian: Financially troubled Qingdao Zhenghe Shipping is currently working on solving the issue where salaries have not been paid to crew members for over a year. Mr. Sui, an official at Zhenghe Shipping’s crew management depar...

PME Group sells terminal and logistics asset

PME Group sells terminal and logistics assetHong Kong: Hong Kong-listed PME Group has announced that the company has sold 50% equity of its terminal and logistics asset, Rizhao Lanshan Wansheng Harbour Company, to a third party at a price of RMB900m. The funds from the tra...

China Exim Bank signs $312m financing deal with CSSC

China Exim Bank signs $312m financing deal with CSSCShanghai: China Exim Bank has signed a $312m financing deal with CSSC Shipping (Hong Kong), the shipowning division of CSSC, to support the construction of three 18,000teu containerships at Shanghai Waigaoqiao Shipbuilding. CSSC ...

Cosco bounces back strongly in 2014

Cosco bounces back strongly in 2014Beijing: Cosco Group, the largest state run shipping conglomerate in China, has registered a total profit of RMB5.035bn for the year of 2014 following losses in the three previous years, Ma Zehua, chairman of the group told state ru...

Piraeus expansion starts

Piraeus expansion startsBeijing: Cosco announced that the company has launched the expansion project of the third phase of Piraeus Container Terminal (PCT) in Greece. The new expansion project is to develop the port of Piraeus to be a major gateway on t...

Xiamen Shipbuilding Industry inks first LNG carrier

Xiamen Shipbuilding Industry inks first LNG carrierShanghai: Xiamen Shipbuilding Industry (XSI) has signed shipbuilding contracts with Landmark Capital, an investment firm in the shipping and offshore sector, for the construction of a 45,000 cu m LNG carrier plus one option. The ...

Sinotrans & CSC team up to develop EPC service

Shanghai: Sinotrans & CSC Shipbuilding Industry Corporation, the shipbuilding division of Sinotrans & CSC Group, announced that three subsidiaries of the company, Changjiang Ship Design Institute, The Foreign Economic & Technical Cooperation Co of Ch...

Qingdao Zhenghe sued by crew over unpaid salaries

Dalian: Qingdao Zhenghe Shipping Group is alleged to have not paid onboard crew for nearly a year. As Chinese New Year approaches, the crew has gathered to demand the company pay their outstanding salary, with some of them taking legal action by fili...

GSI plans asset reorganization

Guangzhou: Guangzhou Shipyard International (GSI) has announced that the company is planning an asset reorganization. The trading of the company’s shares has been suspended in Hong Kong while the asset reorganization continues.

China’s largest bulk bonded warehouse commences operation

Guangzhou: China’s largest bulk bonded warehouse, Xinfeng bonded warehouse, has started operation in Gaolan port in south China’s Zhuhai. With RMB550m investment, the bonded warehouse covers 413,500 sq m.

Cosco Zhoushan delivers Ultramaxes to Lomar and KC Maritime

Shanghai: China’s Cosco (Zhoushan) Shipyard has delivered two 64,000-dwt Ultramax bulk carriers, named Komi and Darya Tiana, to buyers Lomar Shipping and KC Maritime. Built to similar specifications, the two vessels measure 199.9 m in length ove...

CCCC defends Colombo Port City construction project

Shanghai: China Communications Construction Company (CCCC) has come to the defence of its Colombo Port City Development Project, which could be terminated under Sri Lanka’s new government. Last week, Sri Lanka’s new president, Maithripala Siri...

STX pays debt guarantee to Chinese bank

Dalian: Financially troubled STX Heavy Industries hasbannounced that it has paid RMB210.2m debt guarantee to China's Bank of Communications (BOC) after signing a debt restructuring deal with the bank for its Chinese unit STX Dalian Heavy Industries, ...

DNV GL sets up new office in Nanjing

Shanghai: DNV GL has set up a new office in Nanjing to support business growth in the area, and to be the company's centre for operations in Central China. Headed by area manager Chen Keng, DNV GL Central China office will serve most areas of Jian...

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Winter 2014
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In Focus

Cheaper oil puts brakes on OSVs

Kohe Hasan from law firm Oon & Bazul on the offshore outlook for 2015

Cheaper oil puts brakes on OSVs

The offshore supply vessel (OSV) industry has seen significant growth in recent years. However, the steep fall in oil prices of late could put a spanner in the works for the OSV industry.

At present, global oil prices are in the middle of one of its steepest selloffs since the financial crisis of 2008/2009.  World oil prices, which were hovering in the region of $110 per barrel from January 2010 until mid-2014, have taken a nose dive since June, more than halving in the past six months.

Whilst the decline in oil prices is likely to be a boon for consumers, the same cannot be said for the OSV industry. This is because oil majors are likely to cancel or delay their drilling operations and big-ticket production projects which are predicated on high oil prices. Evidence of this can already be seen in the recent announcement by ConocoPhillips that it would be cutting investment spending in 2015 by 20%.

The potential reduction in drilling operations and production projects would be of particular significance to OSV operators (both owners and charterers). This is so as drilling operations are a key driver in the demand for the use of OSVs such as platform supply and anchor handling tug vessels. OSV operators are therefore expected to experience a fall in the demand for OSVs.

One possible repercussion of the fall in the prices of oil and the expected fall in demand for OSVs is that charterers may seek to discharge themselves from charterparties which they had concluded prior to this decline. Such a trend was seen from the collapse of the freight market in 2008 which saw many charterers in the dry bulk industry attempt to discharge themselves from unprofitable charters. Similarly, this trend is likely to be seen in the context of the OSV industry as charterers would find that their charterparties have become significantly less profitable if the OSVs are unutilised as a result of the fall in demand. The need to discharge  ...   More>>